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Crest Capital provides small business owners with equipment, vehicle, and software financing in amounts up to $500,000. The company began in 1989 and is based in Atlanta, Georgia. Since it is not a bank, it can offer a simple application that doesn't require tax returns or financial statements and provide a fast approval turnaround time. 

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The Good

  • Quick Application Process
  • Unique Financing Options
  • Few Fees

Quick Application Process

Because Crest Capital is an alternative lender, not a traditional bank, its small business loans are easier to obtain. Therefore, the application process is simple, fast, and secure. It is also completely free and non-obligatory. 

Applying is especially simple for people financing less than $250,000, as no financial documentation at all is required. Applying will not negatively impact one's credit score, and applicants are not required to submit tax returns or other complicated financial documents. 

While most banks take weeks to give an approval, Crest Capital can notify a business owner of approval on the same day they apply. The company also provides instant real quotes, and customers can use the free monthly payment calculator to get payment quotes emailed directly.

Unique Financing Options 

Crest Capital differs from other alternative lenders in that its business loans are use-specific. 

The company is a direct lender and provides 100 percent financing for equipment in amounts from $5,000 to $500,000.  100 percent financing means that it will finance all of the equipment costs, plus soft costs like delivery and installation. Banks often finance only 80% of equipment costs. All costs can be financed, from delivery to installation, and payment schedule options include: seasonal, skip, and ramp-up payments.

The company does not require collateral and boasts lower upfront fees than big banks. 

Conveniently, people do not have to re-qualify with Crest Capital every year.

Crest Capital specializes in the following three types of small business loans:

  1. Software Financing
  2. Equipment Financing, including progress payments, re-finances and payoffs 
  3. Vehicle Financing, including new or used vans, specialty vehicles, work-specific trucks, and trailers. There are no age restrictions on used trucks, no mileage limits, and no surprise fees. Even private seller financing is ok. 

Few Fees 

Crest Capital claims it charges fewer fees than traditional banks and other alternative lenders. There are no compensating balances, no closing costs, and no blanket liens or other restrictive covenants that are sometimes used to increase customer costs. 

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The Bad

  • Limited Funding Options
  • No Sample Rates or Eligibility Requirements Listed 
  • Documentation Fee 

Limited Funding Options

While Crest Capital's equipment financing is excellent, the variety of small business loans offered is obviously limited. 

Crest Capital provides three different small business loan options for equipment, vehicles, and software but does offer anything in the way of startup financing or bad credit financing. 

Specifically, these loan types are not included in Crest Capital's loan product suite: 

  • Lines of credit
  • Merchant cash advance
  • Invoice factoring
  • SBA loans
  • Working capital not tied to a particular need (software, vehicle, or equipment)

Therefore, you can't use a Crest Capital loan on payroll, marketing, or other needs. 

No Sample Rates or Eligibility Requirements Listed 

Crest Capital does have an instant quote tool on its website, but the quote is not actually instant: you have to provide your email address for your results. 

The company claims its rates and terms are competitive, but there are no specifics shared on potential rates or repayment term lengths for these loans. While numbers for any business loan are highly individual, case studies from past clients can be helpful for a prospective client to consult prior to applying. 

Eligibility requirements are also unknown, including minimum credit score, annual revenue, cash flow, time in business, etc. Likewise, the company does not explain any details on an origination fee, closing fee, or the time it takes for funding to enter one's bank account. 

Documentation Fee 

While the website does not explain any information on fees, a phone representative stated that the company charges a $275 documentation fee. Crest Capital charges the documentation fee upfront with the first month's payment.

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The Bottom Line

As an equipment financing company, Crest Capital is a good choice. Each of its loan options for equipment, software, and vehicles has a high loan amount available and requires only a simple application that doesn't require much financial documentation. 

The company's website does not, however, explain eligibility requirements or sample interest rates, and Crest Capital charges a documentation fee. 

Most importantly, Crest Capital does not offer bad credit financing or startup business financing. When exploring small business funding, this option could work for you if your needs align with the company's three loan use options, but there are other lenders with more varied and flexible funding options. 

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